Per the photo at the top of the page, the estimated value is $100K. I believe everything over that would normally be tax deductible.
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Tim Cook Charity Lunch Auction Earns Over $680,000 for RFK Center
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Per the photo at the top of the page, the estimated value is $100K. I believe everything over that would normally be tax deductible.
That could be correct, however it would be wise to keep in mind that the IRS may view a simple estimate as very different from fair market value. Especially if there were multiple bids on the auction that were well over $100k. Particularly considering the same auction has gone for a minimum of double the $100k estimate in past years. Very much relates to the saying about how something is "only" worth as much as someone is willing to pay for it.
Giving to charity if you can afford it isn't a "waste." What would you have spent it on? Cars?
Having lunch with someone who's only there cuz u are paying them. Sounds like fun.
I can't imagine spending more than a few minutes with Tim Cook. He seems like one of the most boring people in the world. A robot for making platitudes.
I've heard that he's so boring, that his nickname at Apple is Tim Cook.
I've heard that he's so boring, that his nickname at Apple is Tim Cook.
could you imagine people on macrumors complaining about you on daily basis
To be fair, if I was CEO of Apple, I would do things differently that how he does it. I'm pretty sure MacRumors would be cool with me. But that's another reason I could never be the CEO of Apple.
Yes, but also no. There's a federal cap on charitable giving.
https://www.irs.gov/charities-non-p...anizations/charitable-contribution-deductions
It's not a waste of money to spend an hour with the CEO of the largest company in the world. That time is invaluable.
I remember when Steve Jobs made good products and never bragged about how much they raised at a charity or speaking on LBGT etc
It must hurt to know that your attacks on gay people are no longer in favor. Poor you.
Doesn't this guy have anything else to do as CEO than sociopolitical events? Does he even do anything with/for Apple anymore? He behaves more as if he's some freelance 'Social Issue' mouthpiece than a CEO.
I'm not attackig anyone. I have plenty of gay friends and family members. I'm just saying maybe Steve jobs did this as well but it was fine very quietly. Maybe you should judge what you don't or who you don't know
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That was the point I was trying to make but apparently I hate gays
Product Red is often called a charity, and it most certainly a waste.
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Win-win-lose.
You forgot about the higher taxes for the rest of us because lunch is tax deductible if you spend enough.
If you're well-healed and wish to support the RFK centre, why not?
Oh this is wonderful. Tim and Vladimir will have such a fabulous power lunchie 
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An hour with Tim Cook...$680K.
An hour with Steve Jobs....priceless.
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An hour with Tim Cook...$680K.
An hour with Steve Jobs....priceless.
Lunch with Warren Buffett often goes for more than $2 million and last year went for almost $3.5 million.
Now about it going to a charity as others have said, that part is awesome. That said, I could think of different charities or even cooler things you could do with other charities for that kind of money. I simply don't see what kind of enjoyment a lunch with Cook would be. He definitely wouldn't talk to you about upcoming products as someone else mentioned lol. Anyway, good on whoever for donating that kind of money!
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Now, I like that part of the silly bid. Much cooler things you could do with charities for that kind of money though. Well I think at least, I don't have the kind of money to give that much away lol.
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Well considering how I am an old medically retired Marine running my own small business....Probably not. I would continue to invest and live off nearly the same amount my family is used to. We do well, not millions well but well enough. Good guess though, I definitely would have done that 20 years ago!
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The tax deduction benefit just, effectively and in most cases, lowers the cost of the donation. It doesn't make the donation net financially beneficial. So there isn't really a need to have such charitable donations (from a financial standpoint) - those donations still cost money, they just (in effect) cost less money.
Depending on your circumstances, a $600,000 donation might result in $200,000 or so in tax savings. So you're only, in effect, out $400,000 for having made the donation.
Per federal regulations, a donor may rely on the estimated value provided by a donee unless the former has reason to believe that the estimated value is unreasonable. That's true even with regard to charity auctions.
Effectively it is presumed that a bidder knows they are bidding an amount above the fair market value of the item they're bidding on and that they intend to do so - that they, in effect, intend to make a charitable donation. So the price something fetches in a charity auction isn't really its fair market value in the way such a price would be in a regular auction.